The final date for submitting up to date returns for 2019-20 fiscal ends on March 31, 2023.
The e-verification scheme was notified on December 13, 2021, and pilot was launched in September 2022.
As many as 68,000 instances have been picked up for e-verification by the revenue tax division for unreporting or beneath reporting of revenue in tax returns for 2019-20 fiscal, CBDT chief Nitin Gupta stated on Monday.
Under the e-verification scheme, the I-T division informs the taxpayers about mismatch in Annual Information Statement (AIS) about monetary transaction and the I-T returns filed. The taxpayer can reply to the tax division giving rationalization for the mismatch or can file up to date returns in the event that they really feel the mismatch flagged in e-verification discover is right.
“On a pilot foundation, about 68,000 instances pertaining to 2019-20 fiscal have been taken up for e-verification based mostly on threat administration parameters set by the division. Of this, in 56 per cent instances or 35,000 instances the taxpayer have already satisfactorily replied to the discover or filed up to date tax return,” Gupta stated.
He stated a complete of 15 lakh up to date returns have been filed thus far and Rs 1,250 crore value tax was collected.
However, no response has been received in the remaining 33,000 cases.
Also Read: What Is ‘Updated Return’ Provision For Income Tax?
Taxpayers have time till March 31, 2023, to file updated returns for income earned in 2019-20 fiscal.
Once an assessee files updated ITR, there are less chances of his/her case getting picked up for scrutiny or re-assessment,” Gupta stated at a media interplay right here.
The threat parameters for choosing returns for e-verification could be set yearly, Gupta stated, with out disclosing the standards for choice of an ITR for e-verification.
“The 68,000 instances picked up for e-verification was based mostly on mismatch between tax return filed and the info obtained from supply with regard to deposits. The choice is pc pushed. If you don’t reply to the e-verification notices, chances are high excessive that the case could be chosen for scrutiny,” Gupta said.
Nudging taxpayers to view his/her AIS regularly, Gupta said taxpayers should give feedback to the department if they see any mismatch.
“The e-verification scheme is a non-intrusive way to nudge taxpayers to file updated returns in case of mismatch. It is transparent, without any human interface, encourages voluntary compliance and would help cut down litigation,” stated the chief of the Central Board of Direct Taxes (CBDT).
Once the division informs a taxpayer electronically about his case picked up for e-verification, the taxpayer is given 15 days time to answer the intimation from the I-T division. The CBDT has a timeline of 90 days for finishing a selected case beneath e-verification, however sophisticated instances may take longer.
The e-verification scheme was notified on December 13, 2021, and pilot was launched in September 2022. The final date for submitting up to date returns for 2019-20 fiscal ends on March 31, 2023.
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